Existence of Walrasian equilibria with discontinuous, non-ordered, interdependent and price-dependent preferences, without free disposal, and without compact consumption sets

Author(s)
Konrad Podczeck, Nicholas C. Yannelis
Abstract

We extend a result on existence of Walrasian equilibria in He and Yannelis (Econ Theory 61:497-513, 2016) by replacing the compactness assumption on consumption sets made there by the standard assumption that these sets are closed and bounded from below. This provides a positive answer to a question explicitly raised in He and Yannelis (Econ Theory 61:497-513, 2016). Our new equilibrium existence theorem generalizes many results in the literature as we do not require any transitivity or completeness or continuity assumption on preferences, initial endowments need not be in the interior of the consumption sets, preferences may be interdependent and price-dependent, and no monotonicity or local non satiation is needed for any of the agents.

Organisation(s)
Department of Economics
External organisation(s)
University of Iowa
Journal
Economic Theory
Volume
73
Pages
413-420
No. of pages
8
ISSN
0938-2259
DOI
https://doi.org/10.1007/s00199-021-01400-6
Publication date
10-2021
Peer reviewed
Yes
Austrian Fields of Science 2012
502047 Economic theory
Keywords
ASJC Scopus subject areas
Economics and Econometrics
Portal url
https://ucrisportal.univie.ac.at/en/publications/existence-of-walrasian-equilibria-with-discontinuous-nonordered-interdependent-and-pricedependent-preferences-without-free-disposal-and-without-compact-consumption-sets(c78adb26-a626-4e9b-b437-b6d862e0d781).html